HEALTH CARE The health care plans offered thisyear by a local manufacturing plant are as

Chapter 7, Problem 76

(choose chapter or problem)

HEALTH CARE The health care plans offered thisyear by a local manufacturing plant are as follows. Forindividuals, the comprehensive plan costs $694.32, theHMO standard plan costs $451.80, and the HMO Plusplan costs $489.48. For families, the comprehensiveplan costs $1725.36, the HMO standard plan costs$1187.76, and the HMO Plus plan costs $1248.12. Theplant expects the costs of the plans to change next yearas follows. For individuals, the costs for the comprehensive,HMO standard, and HMO Plus plans will be$683.91, $463.10, and $499.27, respectively. For families,the costs for the comprehensive, HMO standard,and HMO Plus plans will be $1699.48, $1217.45, and$1273.08, respectively.(a) Organize the information using two matrices andwhere represents the health care plan costs forthis year and represents the health care plan costsfor next year. State what each entry of each matrixrepresents.(b) Compute and interpret the result.(c) The employees receive monthly paychecks fromwhich the health care plan costs are deducted. Usethe matrices from part (a) to write matrices that showhow much will be deducted from each employeespaycheck this year and next year.(d) Suppose instead that the costs of the health careplans increase by 4% next year. Write a matrix thatshows the new monthly payments.